The firm comments, "In the face of building pessimism in late 2012 and into 2013, we maintained an optimistic view on Mead. With broad share gains in a typically rational and highly profitable category, the LT outlook remains bright. With an eventual U.S. recovery, non-China EM markets ramping up and good prospects in China/HK along with a reasonable global CPG valuation, we retain our BUY."

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